IADA Broker Practice Exam

These questions are part of the practice quiz. Start practicing

• In a dry lease, who is typically responsible for maintenance?
• Title Insurance
• ACMI stands for which of the following in leasing terms?
• CMP stands for Configuration, Maintenance, Procedures. Which statement best describes CMP in the provided material?
• What must be disclosed about third-party financing offers?
• The form used to authorize painting and operating under a new N-number is issued by which authority?
• Which lease is typically structured as a true or tax lease?
• Hull Insurance
• Part 25 Airworthiness Standards apply to which category?
• What must be true about aircraft for RVSM operation?
• STCs fall under which part of the Federal Aviation Regulations?
• In a recall where repair cannot be completed before sale, which of the following should the dealer provide?
• What is floor plan financing?
• Who bears liability for damages during a test drive?
• A recourse loan means
• CMP stands for which of the following phrases?
• What is the purpose of a privacy notice under GLBA?
• FAA Form 337 is used for what purpose?
• Which statement best describes a physical appraisal?
• Who typically issues a manufacturer warranty, and who provides a dealer or third-party warranty?
• Which FAR part governs charter and on-demand flight operations?
• What is the payload threshold mentioned as part of Part 119 considerations?
• Which Part describes regularly scheduled air carrier operations?
• What is the maximum duration allowed for temporary export?
• Part 117 describes flight and duty limitations and rest requirements for flight crew operating under which regulation?
• Rest requirements of 10 hours total with 8 hours of sleep apply to which operations?
• In NBAA IFR Range planning, which items are included in the mission profile?
• Escrow fees are typically paid how in a transaction?
• An aircraft owned by a single-purpose entity leased back to a Part 135 operator for charter when not in use by the owner. The aircraft:
• Which depreciation schedule is listed for Part 91 Aircraft?
• Which items are typically included in Direct Operating Costs?
• How should deposits for a vehicle purchase be handled to minimize risk?
• Required documents to transfer title of an aircraft?
• What is the effect of misrepresenting a vehicle's maintenance history?
• Which statement about Basic Operating Weight is true?
• Which two components are encompassed by FANS 1/A+?
• What information is required in a lease advertisement?
• Which depreciation schedule is listed for Part 135 Aircraft?
• Which depreciation methods are listed for aircraft depreciation?
• In a pre-purchase inspection, who is typically responsible for paying for airworthiness items found during the inspection?
• Which of the following is NOT typically cited as a force majeure event?
• Which document in the final sale package provides mileage information?
• ETOPS stands for which standard?
• During a test drive, what should a dealer do to verify insurance coverage?
• What is the TCPA and what does it regulate?
• What information is required in a lease advertisement regarding mileage?
• What is the primary purpose of VIN verification?
• Where is the lien typically filed in a financed vehicle transaction?
• The odometer disclosure statement serves to protect against odometer fraud.
• CPDLC stands for?
• What is the purpose of a risk disclosure in vehicle sales?
• To whom must the duplicate N-number registration be presented after painting under a new N-number?
• Under Part 125, what does 'cannot hold out to the public' imply?
• Which items are defined as Fixed Costs in fleet operating budgets?
• How can a dealership maintain customer trust after a sale?
• A capital lease is best described as which of the following?
• What does the Magnuson-Moss Act require regarding warranties?
• In RVSM airspace, vertical separation is reduced to what?
• What is the difference between title and registration?
• When advertising a used car’s price, what must be disclosed?
• Which obligation is typically included in Know Your Customer-like requirements in auto sales?
• What are the airworthiness certificate requirements for an aircraft imported from a foreign country?
• Which form is the official Aircraft Registration form?
• What must be disclosed when sharing customer information with affiliates?
• Which statement best describes the effect of a force majeure clause?
• Which documents are typically needed when a vehicle is financed?
• Which form documents a title transfer for a U.S.-registered aircraft?
• During the 90-day temporary registration period, which document must be on board?
• What should be disclosed about a trade-in's condition?
• Which action best protects a dealership from liability when maintenance history is uncertain?
• What is a fiduciary duty in a buyer's broker transaction?
• Which statement best describes Useful Load?
• Who is authorized to conduct aircraft modifications and prepare necessary documentation?
• Which Part governs certification for air carriers and commercial operators?
• Which statement is true about ADS-B OUT requirements?
• In aircraft purchase agreements, Material Damage is defined as which?
• Which statement best summarizes the Magnuson-Moss Act's warranty disclosure requirement?
• What is a service contract and when is it typically offered?
• MRO is an acronym for what?
• What is the dealer's obligation regarding safety recalls information?
• When advertising an incentive, which statement best describes how terms should be presented to avoid misrepresentation?
• What does CAMP stand for?
• N-number removal requirement for foreign-registered aircraft when transferring title is correct?
• Part 25 applies to which aircraft category?
• Which form is identified as the Bill of Sale in the buying and selling forms?
• Who may authorize operating without a type rating for up to 60 days?
• If airworthiness items are discovered during a pre-purchase inspection and the seller agrees to pay for them, this is an example of what?
• Which two types of DAR exist according to the material?
• Which form is used to file the back of the current registration with the FAA?
• Who is typically responsible for recording and maintaining title and registration documents?
• When a vehicle has a lien, which sequence ensures a proper title transfer?
• Part 23 Airworthiness Standards apply to which category?
• Part 121 covers which type of operations?
• Which aircraft have the option for forward and aft galleys?
• What is a Special Flight Permit?
• What is the primary purpose of a force majeure clause in a contract?
• Which FAR describes limitations for pilots operating for compensation of hire?
• What is the purpose of an odometer disclosure statement?
• The FAA will not issue a Special Flight Permit for which scenario?
• What should be included in a final sale package to the buyer?
• To which office is FAA Form 337 submitted?
• After painting a new N-number, which action is required regarding the original registration?
• How should a dealer handle incentives and discounts disclosed in advertising?
• Which agency oversees the registration process of U.S.-registered aircraft?
• Which depreciation option is listed for Part 91 Aircraft aside from MACRS?
• Which form provides authority to paint and operate an aircraft under a new N-number?
• Which FAR describes flight and duty limitations for pilots operating under Part 121?
• Who are Designees?
• What does Organization Designation Authorization (ODA) refer to?
• In a Synthetic Lease, which entity purchases the aircraft and leases it to the operating company?
• Is the Approved Aircraft Inspection Program (AAIP) transferable from one entity to another in a sale?
• What does 'as-is' mean in auto sales?
• Part 125 applies to which aircraft/operators?
• Dry lease is characterized by which of the following?
• Part 135 governs which type of operations?
• Which form officially transfers ownership of an aircraft with the FAA?
• Which lease type is generally associated with providing operating services such as crew and insurance?
• Which statement regarding trade-in liens and payoff status is accurate?
• A non-recourse loan means
• Which statement about the lien in a financed vehicle transaction is accurate?
• What is a Bill of Sale used for?
• Which of the following is a Direct Operating Cost?
• What is an STC?
• What penalties exist for odometer fraud?
• When representing both buyer and seller, what disclosures are typically required?
• Basic Operating Weight (BOW) includes which components?
• How should a dealership respond to a data breach involving customer information?
• Which formula defines Useful Load?
• Maintenance Steering Group (MSG-3) refers to which concept?
• Which statement about the airworthiness certificate transfer is true?
• An asset-based loan is defined as
• Which statement best reflects the penalties for odometer fraud?
• When is ADS-C required?
• What is the Foreign Corrupt Practices Act (FCPA)?
• If a consumer asks about an advertised financing incentive, what must be disclosed?
• Which of the following best describes a typical pre-purchase inspection payment arrangement?
• What are the differences between a manufacturer warranty and a dealer/service contract?
• Why must an advertised price include truthful information about discounts or incentives?
• Under Part 145, which item is NOT listed as a repair category?
• In a pre-purchase aircraft inspection, who typically pays for the inspection itself?
• To complete a postclosing avionics installation under U.S. FARs before importing a U.S.-registered aircraft to another country, which arrangement would satisfy regulatory requirements?
• What components make up Useful Load of an aircraft?
• Hull Insurance coverage details include:
• What is the purpose of a purchase agreement?
• Why is it important to verify a buyer's identity during a sale?
• Which lease type is typically a long-term arrangement with an option to purchase at the end, and is treated as a purchase for accounting?
• What is FANS 1/A+?
• Which statement correctly identifies when a type certificate is required?
• What is required to fly over the North Atlantic?
• Which document creates a lien to secure the lender's right to be repaid?
• Which statement best describes a desktop appraisal?
• Which statement accurately describes the relationship between Maximum Allowable Gross Weight, Basic Empty Weight, and Useful Load?
• General Operating and Flight Rules apply to which category of operations?
• How should a dealership respond to consumer complaints and disputes?
• Which aircraft require type certificates to operate?
• Temporary Export is defined as aircraft being flown under own sojourn and returned to the United States within what period?
• In calculating Useful Load, which weight is subtracted from Maximum Allowable Gross Weight?
• In aviation registration terms, what does an N-number represent?
• If a dealer fails to disclose known defects on a trade-in, which consequence may occur?
• Which item is NOT typically classified as a Fixed Cost?
• What is the required action to finalize title transfer when a lien has been paid off?
• How should a dealer handle a customer's deposit?
• CPDLC benefits?
• Chapter 5 in the inspection schedule covers which type of checks?
• Which party is responsible for collecting and remitting sales tax on a vehicle sale?
• How should odometer discrepancies be handled?
• Which statement best describes the Approved Aircraft Inspection Program (AAIP) transfer status?
• What are the two types of Designated Airworthiness Representatives (DAR)?
• In appraisal terms, what does diminution mean?
• In a vehicle sale, how should counterfeit currency be handled?
• Which lease type provides operating services, such as crew and insurance, and keeps ownership with the lessor?
• A service contract in auto sales is typically offered as what?
• What describes RVSM airspace?
• What is the minimum seat configuration that triggers certification under Part 119?
• Within how many days must the duplicate N-number registration be presented to the Aviation Safety Inspector?
• Liability Insurance